BUENOS AIRES, March 18 (Reuters) - Argentina's tax agencysaid on Monday it has uncovered 392 million pesos ($77 million)in fraudulent transactions by HSBC Holdings Plc and said it hasasked the judicial system to probe the European bank for allegedtax evasion and money laundering.
HSBC, Europe's largest bank, was fined $1.9 billionlast year for similar irregularities in Mexico and the UnitedStates.
The AFIP tax agency filed the complaint in February overalleged irregularities detected over the last three years,Ricardo Echegaray, head of the agency, said.
"On the basis of what's been investigated so far, in sixmonths we've recorded 392 million pesos in fraudulenttransactions, generated by evasion and money laundering,"Echegaray told a news conference.
Echegaray said HSBC executives had secured fake receiptsfrom local businesses, allowing illicit transactions to be made.
"We hope to recover what is due and see the courts apply anappropriate penalty," he said.
HSBC said the AFIP's allegations were of "great concern."
"We are committed to working cooperatively with authoritiesto ensure a thorough review and appropriate resolution of thematter," the bank added in a statement.
HSBC Chief Executive Stuart Gulliver said last month thatthe bank's complex structure and wide geographical spread hadmade it attractive to criminals.
After taking the bank's helm at the start of 2011, Gullivercentralized control and created global business operations,taking much of the control out of the hands of country managers.
HSBC Holdings (HSBA)
